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Popolare Word Problems >

7000 are invested in a bank account at an interest rate of 4 percent per year.Find the amount in the bank after 9 years if interest is compounded monthly

Soluzione

7000 a re in v es t e d in a bank a cco u n t a t an in t eres t r a t e o f 4 p erce n t p er ye a r . F in d t h e am o u n t in t h e bank a f t er 9 ye a rs i f in t eres t i s co m p o u n d e d m o n t h l y

Soluzione

Amount : 10027.3

Fasi della soluzione

Translate the problem into an equation:

A = 7000 (1 + \frac{0.04}{12})^{12 \cdot 9}

7000 (1 + \frac{0.04}{12})^{12 \cdot 9} = 10027.30106 \dots

Arrotondare all' hundredth più vicino:

10027.3

Amount : 10027.3

Esempi popolari

Problem 2. Determine the length of side x . Round your answer to 3 decimal places and include units in your answer.Natalie puts 400.00 into an account to use for school expenses. The account earns 4% interest, compounded quarterly. How much will be in the account after 8 years?Round your answer to the nearest cent.the sum of two consecutive even integers is 142 The differenza of twice a number and 6 is less than-28.Lloyd is twice as old as Herb who is three years older than Julian. If the total of their ages is57, how old is Julian?